It isn’t that Singapore real estate is making verbal promises, but in case you look at the numbers you cannot deny that the information mill very promising for Jade scape condo buyers. When studying the figures as of 2006, we note that the private residential property price index showed a healthy 17.2% increase over its 3.9% increase from 2005. If you want to get into the nitty gritty from the figures, then let us take into consideration that property prices in Singapore are up 15.8% since 2002.
It’s not unknown as to why the Singapore market is on an upswing since the economy is more or less taking it with it. The economy showed a 7.9% gross domestic product growth in 2006 versus the 2005 growth rate of 6.4%. However, it isn’t precisely the economic growth of which may be fueling the Singapore Real Estate niche market. It is also new policies through the housing market which were put into invest 2005. These new policies include:
The loan-to-value increased from 80% to 90%
Foreigners are about to be able buy apartments due to certain rules no longer being put set up (foreign purchase lengthier has to meet the criteria of: the building must be over 6 stories high and must be a condominium).
The allowance of single people who are not related to jointly purchase properties via their Central Provident Fund (social security pension).
Cash down payments are down to 5% from the previous10% on home purchases.
Home ownership became a significant goal of the Singapore government. Due to this commitment and cooperation with the Housing and Development Board, Monetary Authority of Singapore, Urban Redevelopment Board, and the Central Provident Fund, home ownership has grown to 92% by reviewing the previous 27% as recorded in 1969. This is a success story in itself since Singapore encountered a housing crisis in the past after it acquired its independence, but now Singapore real estate is certainly creating a statement.
Upon achieving economic stability, the demand for housing in Singapore has increased and the housing prices have increased as well. Normally price of property makes for a stronger Singapore property market and very long as as these higher prices continue, same goes with the promises and high expectations of marketplace within Singapore. With no doubt the numbers speak for themselves and they possibly cannot be unnoticed.